Prudential plc

Prudential reported 2025 new business profit growth of 12%, adjusted operating profit after tax per share growth of 12%, gross OFSG growth of 15%, and dividend per share growth of 15%. Ben Bulmer said return on embedded value increased to 15%, net OFSG rose 22%, NBP margin expanded 2 percentage points to 42%, and the free surplus ratio ended the year at 221%, or 204% excluding India IPO net proceeds. For 2026, management is guiding to double-digit growth across key financial KPIs. They also said the business expects to return all of the $1.4 billion net IPO proceeds to shareholders, has launched a $1.2 billion buyback to be completed by end-2026, and expects a further $1.3 billion return in 2027.

Anil Wadhwani framed 2025 as a landmark year and emphasized that Prudential’s multi-market, multichannel model is working, with growth driven by disciplined execution and a focus on higher-quality new business. He highlighted strategic progress in agency transformation, stronger bancassurance, deeper customer engagement, and more use of technology, analytics and AI. His tone was confident and forward-looking, repeatedly saying the company is on track for 2027 objectives and expects to carry 2025 momentum into 2026.

Ben Bulmer focused on the financial inflection points: 12% NBP growth, 15% ROEV, 15% gross OFSG growth and 22% net OFSG growth. He said the capital position remained robust, with a free surplus ratio of 221% (204% excluding IPO proceeds), and noted the S&P upgrade to AA. On capital allocation, he reiterated the 70% remittance ratio for local business units, described the dividend as growing 15% in 2025, and said additional capital returns are planned through 2027 and beyond. He also said the capability investment program will largely be complete in 2026, with $300 million to $350 million of further spend, and that underlying variances are now close to neutral excluding capability investment, with a return to positive historic norms expected by 2027.

Analysts pressed on China, Hong Kong and agency, asking whether strong Mainland China momentum can continue, how Hong Kong will recover after slower second-half growth, and how Prudential will lift agency activity. Management said China remains a key contributor and pointed to stronger second-half bancassurance and agency growth, plus a higher par mix. In Hong Kong, they said growth was affected by regulatory changes in the broker channel and that the focus remains on quality, with strong renewal premiums, active-agent growth and further agency expansion. On agency, management said PRUVentures and similar recruitment schemes, better compensation structures, and technology tools such as PruForce and PruAction are central to raising productivity and activation.